Danish developer TK has announced plans to sell off its Polish assets in a major change of strategy.
The company said that from now on it will focus solely on the Danish and Swedish property development business, while the Polish activies will be divested within a period of two years.
As part of this change of strategy, the company has launched a search for a new CEO. Current chief Frede Clausen, who has been the head of the group since 2002, will step down as soon as a new CEO has been found.
As a result of this strategic move, the company will also recognise impairment losses of a total of DKK 405 mln.
TK's Polish portfolio largely consists of three shopping centres, the fully-owned 17,500 m2 Galeria Sandecja in Nowy Sacz, and a 30% stake in the 25,000 m2 Galeria Nowy Rynek mall in Jelenia Góra and in the 17,000 m2 Galeria Tarnovia mall in Tarnów.
In December 2017, TK Development also began construction of
the fourth and final phase of the Bielany residential project in
Warsaw. The project comprises about 12,500 m2 and will consist of 227 residential units and service facilities.
